In three experiments, pigeons chose between a small amount of food del
ivered after a short delay and a larger amount delivered after a longe
r delay. A discrete-trial adjusting-delay procedure was used to estima
te indifference points-pairs of delay-amount combinations that were ch
osen about equally often. In Experiment 1, when additional reinforcers
were available during intertrial intervals on a variable-interval sch
edule, preference for the smaller, more immediate reinforcer increased
. Experiment 2 found that this shift in preference occurred partly bec
ause the variable-interval schedule started sooner after the smaller,
more immediate reinforcer, but there was still a small shift in prefer
ence when the durations and temporal locations of the variable-interva
l schedules were identical for both alternatives. Experiment 3 found g
reater increases in preference for the smaller, more immediate reinfor
cer with a variable-interval 15-s schedule than with a variable-interv
al 90-s schedule. The results were generally consistent with a model t
hat states that the impact of any event that follows a choice response
declines according to a hyperbolic function with increasing time sinc
e the moment of choice.